Citi cut risk professionals in London & New York as jobs move overseas
As Citi continues with its quest to cut costs, sources at the bank say it's been moving risk jobs from London and New York to lower cost locations.
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A few risk roles in both cities are understood to have been moved to the likes of Belfast in Northern Ireland and Tampa in Florida, where employees are less expensive. As the roles are moved, their experienced incumbents are being let go.
Citi declined to comment. The bank has hired heavily for its risk and control teams in recent years, following a $400m fine in 2021 and two consent orders demanding that it improve its internal oversight of operations.
In the aftermath of the consent orders, Citi set up a new centralized credit management team within the first line of defence to work directly with the business. However, speaking off the record multiple insiders at the bank say the additions to the first line of defence have added complexity and headcount and muddied the water on decision-making.
Citi is understood to moving jobs out of financial centres to cheaper locations to help drive collaboration and concentrate teams in particular places.
Last week, Citi cut 3,500 people in China as part of its simplification efforts. The unwanted Chinese staff were providing IT services to other areas of Citi and insiders said the cuts came as a surprise to some of those supported by the Chinese teams. In a statement, Citi said it's still committed to China and is pursuing the establishment of a wholly owned securities and futures company there.
The exits from Citi's risk team come after risk staff at the bank complained of poor bonuses for 2024. "Bonuses were measly last year," says one insider.
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